Interesting model. I wouldn’t really underwrite this as “storage” though — I’d look at it as small-bay industrial with an ownership/exit layer attached to it. That condo map is probably the most important piece of the whole structure. It gives you more than one way out: hold and lease, presell part of the project, sell individual units over time, or potentially retain the strongest portion of the income stream. That flexibility can be valuable in markets where conventional small-bay supply is tight.
